The Reserve Bank of India (RBI) has ignored requests to create guidelines on cash handling by third party providers at ATMs and bank branches, according to industry sources. This puts cash worth Rs 15,000 crore at risk on a daily basis. According to officials, the banking regulator has not followed up with suggestions on minimum standards and regulations on cash handling by third party providers. “Yes, we had raised this with the RBI in 2013 and RBI had asked the Indian Banks’ Association (IBA) to come up with suggestions.
The IBA had formed a working group and submitted the recommendations which are still pending with the RBI…We are approaching the RBI almost every month,” said one of the executives of a large cash logistics firm.
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